Airtel Money, the digital financial services business of Airtel Africa, has priced its London initial public offering (IPO) at £1.96 per share, valuing the company at £5.3 billion (approximately US$7 billion), as minority shareholders sell down their holdings through the listing.
The offering comprised the sale of 270 million existing shares by minority shareholders, with up to a further 27 million shares made available by Mastercard Asia/Pacific Pte. Ltd. through an over-allotment option. Assuming the option is exercised in full, the total offer size reaches £582 million, representing approximately 11% of Airtel Money’s issued share capital following admission.
The transaction is a secondary share sale, meaning Airtel Money does not receive proceeds from the sale of existing shares. Instead, the proceeds accrue to the selling shareholders.
Conditional dealings in Airtel Money shares commenced on the London Stock Exchange’s Main Market on 9 October 2026 under the ticker AMC. Admission to the Financial Conduct Authority’s Official List and the commencement of unconditional trading are scheduled for 14 October 2026.
Minority shareholders reduce their holdings
The offering allows several minority investors to reduce their positions in Airtel Money, while Bharti Airtel International (Netherlands) B.V. retains its 77.85% stake, based on the prospectus assumption that the over-allotment option is not exercised.
The Rise Fund II Aurora’s holding is expected to fall from 8.07% to 4.13%, while Qatar Holding’s stake will decline from 8.07% to 5.55%. Mastercard Asia/Pacific’s interest is expected to decrease from 4.03% to 2.05%, while Chimetech Holding’s stake will fall from 1.97% to 0.42%.
The figures reflect expected post-admission holdings based on indications received from the selling shareholders as at the date of the prospectus. They assume the over-allotment option is not exercised.
IFC commits £67.2 million to the offering
The International Finance Corporation (IFC), the World Bank Group’s private-sector investment arm, committed up to £67.2 million (approximately US$90 million) to the global offering under a cornerstone investment agreement dated 22 September 2026.
Under the agreement, certain selling shareholders agreed to sell and transfer shares to IFC at the offer price of £1.96 per share. IFC was allocated 34.3 million shares, representing its full commitment under the agreement.
The investment forms part of the secondary offering and does not involve the issuance of new shares by Airtel Money. The shares acquired by IFC rank equally with those sold to other investors in the global offering, with no special rights attached to its holding.
The offering also included a UK retail allocation of eight million shares for eligible investors resident and physically present in the United Kingdom, through participating investment platforms, brokers and wealth managers.
Bookrunners and legal advisers
Citi, Barclays, BofA Securities, Goldman Sachs and J.P. Morgan acted as joint global coordinators and joint bookrunners. Citi also served as the sole sponsor and lead-left global coordinator.
The additional joint bookrunners were Absa Bank, BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, Jefferies International and The Standard Bank of South Africa. BTIG acted as co-bookrunner, while RetailBook coordinated the retail offer.
Allen Overy Shearman Sterling LLP acted as legal adviser to Airtel Money on English, Dutch and US law. Gibson, Dunn & Crutcher UK LLP advised the banks on English and US law, while Greenberg Traurig LLP advised the banks on Dutch law. Deloitte LLP served as auditor.
Under the prospectus, Airtel Money and the selling shareholders are subject to 180-day lock-up periods following admission, while the directors are subject to 365-day restrictions on share disposals. The restrictions are subject to specified exceptions and may otherwise be waived with the prior written consent of the joint global coordinators.
Airtel Money targets further expansion across Africa
Commenting on the listing, chief executive officer Ian Ferrao described the transaction as a landmark for the business, highlighting its growth across Africa and the opportunity to expand access to digital financial services.
Ferrao said Airtel Money had grown by making financial services simpler and more accessible to millions of people across the continent. He added that investor support reflected confidence in the company’s business model, strategy and the long-term growth potential of African economies.
Airtel Money provides mobile money services that enable customers to make payments, transfer funds and access other financial services through mobile technology. Its operations span multiple African markets, where mobile money platforms have become an important channel for extending formal financial services to individuals and businesses underserved by traditional banking.
Ferrao said the company would continue to focus on building its digital financial services platform, connecting more people and businesses to the formal financial system and supporting a more inclusive, digitally connected economy.
The London listing gives public-market investors direct exposure to Airtel Money’s mobile financial services business while Bharti Airtel retains its controlling interest. The secondary offering also provides an exit route for minority shareholders seeking to realise part of their investments without diluting the holdings of existing shareholders through the issuance of new equity.
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